any transaction with amex mbk2, after convert to MYR (RM), will get 5x TP.

but then, pls note that conversion fee for mbk2 amex is 2.5% to the converted amount.

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Added on October 12, 2011, 2:31 pmrefer here http://forum.lowyat.net/topic/2053536

fruitie, after u use ur amex on flickr, pls post it there so others can refer. thanks ~

This post has been edited by erry-: Oct 12 2011, 02:31 PM

Correct, exchange rate could be more than what you getting back..

But although u can link Amex to paypal but not all payee accept Amex.
I tried to use Amex to buy GSC tickets using the Paypal-Maxis but failed...Only accepts Visa/Master.

Others like iTunes accept Amex then it will work.

But I believe what fruitie mention the 5% rebates on weekends and 5X TP (~2.5%) will cushioned the conversion rates as well. .

My transaction was on the 20th August but only shown on my account on 25th August.


Already went through in August, I'll post in the thread tonight. Thanks for informing.

Malaysia Paypal that uses MYR will not be accepted.
So far I tried USD is obviously accepted, not sure about other currencies.


Exchange rate that time will be 3.047. I don't understand this 2.5%, can explain?

5x TP meaning u get 2.5% cash rebate also

Er, but my rebate shows RM 3.50 which is 5% from RM 70.08.

What u mean "malaysia paypal"? As in the merchant?
Im not sure how paypal deal with banks, but by right shouldnt have any problem at all because Paypal acts as a virtual bank so when buying things the merchant would only see paypal as the payment instead of your credit card.
In that case it defeat the purpose of using paypal at all!

He mean the 5x TP equivalent to 2.5% that goes into TP, not as cash back

thats mean the transaction on PayPal is charged on same day (20 August).

2 things about 2.5% here:

1. 5x TP is ± 2.5% cashback (if u take 10k tp to redeem rm50 gst or voucher)

2. 2.5% is also an additional amex fee.

example, on 20 august 2011 the rate for $1 is probably between rm2.97 to rm2.992 (source look between 18 august lowest to 25 august highest).

let say we take it as rm2.9725, if u convert $23, it should be rm68.3675, but with amex, need to + 2.5% so it will be rm70.0766875

urs being charged rm70.08 so it is ± within the range. coz we donno what is exactly rate use by maybank.



edited: make proper calculation



This post has been edited by erry-: Oct 12 2011, 04:36 PM

Oops, I mean Malaysian merchant that accepts transactions in MYR.

Well explained, I'm clear now. Thanks.

This post has been edited by fruitie: Oct 12 2011, 04:49 PM

But you can reduce the excange rate by making paypal being your middle man... so it will charge your card in RM rather then USD ..
However if you pay by visa/master its not needed as paypal's forex rate is a bit higher.

PS. Just received email that they have submitted my application to processing department.. When can I call them to ask for status ? I can't wait xD haha

Hi all forumers in this thread,

Got a noob question would like to ask you guys

For this Maybankard 2 Gold card, is this means the owner is owning "2" cards?

what i want to say is, if the owner is having this Maybankard 2 Gold card and also another cc from other banks, does this mean the owner has to cancel either one credit card, since there is a new rule that annual income below rm36000 can only allowed to posses 2 credit cards at the same time


thanks

Thanks for your example erry. Should post this example in start of the thread for other to refer.

Yes, will be having 2 cards but considered as 1 type of card only.
So the rule doesn't apply to this.

Guys, what is the default statement date for maybank?

It varies, mine is on the 23rd or 24th of the month.

This post has been edited by fruitie: Oct 12 2011, 10:27 PM

welcome

hi there.

for income below rm36k/year, the rules is cannot have cards from more than 2 banks, not cards.

the simple example is - u can have cards from maybank and hong leong.

any cards on maybank is ok - maybankard 2 amex + mastercard, maybank visa sony, maybank amex gold credit card, maybank visa flex, maybank visa wave.

any cards on hlb is ok - hlb classic mastercard, hlb visa essential, hlb visa mtv.

but all cards share the credit limit! so if ur CL is rm5k only (2x salary), no need to have till 3-5 cards!
besides, each card need to pay GST!

pls note: maybank and maybank islamic is consider as 2 banks.

so let say example if u already have maybank ikhwan petronas and citibank clear, u need to cancel 1 of it before can signup this maybankard 2.

This product considered as 1. To clarify further, you can have as many card as you want from the same bank BUT you can only get credit cards from 2 banks.

erry example is to explain extra fee imposed by card issuers (in this case AMEX) when we transact overseas to you guys BUT not necessary the admin fee will be 2.5% for AMEX cards, it can be higher or even lower. And that's why WaCKy-Angel mentioned the exchange rate could be more than what we get back with 5X TP. I don't think it is good to post this example because some of you guys may think that the fee is fixed at 2.5% ( that's what the T&C stated ). For example, I did 3 transactions in USA with my AMEX at the same merchant minutes apart, I was charged fees of 1.57% to 2.53%.

Please go to this thread to learn more about International Transactions. Do note Miles have stated AMEX card fee is 0.5% + 2.5%.

And most seniors here will tell you this, for personal use, we will use MBB Visa or MC to pay less upfront unless we can get the 5% with our MBB 2 AMEX on weekends. And to note some have reported they did not get 5% cash back for online transactions on weekends.

fruitie: great that you got 5% cash back for pay pal with MBB 2 AMEX. Please share it in this thread.

This post has been edited by Gen-X: Oct 12 2011, 10:36 PM

Alright, guys I have posted on the thread. Thanks for reminding.

statement date should be the same every month
due date might vary by a day or 2

I forgot which one is mine la, that's why I said "or".
Maybe I'll need to rephrase my post but heck lazy.

This post has been edited by fruitie: Oct 12 2011, 11:58 PM